"The pending acquisition of FLY by an affiliate of Carlyle Aviation Partners is on track and is expected to close in the third quarter,” said Colm Barrington, CEO of FLY. “We believe that
 this transaction represents strong value for FLY shareholders with the per share cash consideration representing a premium of nearly 30% to FLY’s closing price on March 26, 2021, the last trading day prior to the merger announcement."
 
“In the quarter, FLY’s revenues and net income were again adversely impacted by the global pandemic,” added Barrington. “While we are seeing improvements in some sectors of the global airline industry, particularly in
 U.S. and Chinese domestic traffic, there are still large parts of the world where COVID-19 is surging and both domestic and international air traffic is at a virtual standstill due to continuing travel restrictions. It now appears likely that it will
 be well into 2022 before global air traffic returns towards 2019 levels.”
 
Financial Results
 
FLY is reporting a net loss of $3.4 million, or $0.11 per share, for the first quarter of 2021. This compares to net income of $38.1 million, or $1.24 per share, for the same
 period in 2020. During the first quarter of 2021, FLY recognized $5.9 million of costs associated with the pending transaction with Carlyle Aviation (see below under "Merger").
 
Adjusted Net Income (Loss)
 
Adjusted Net Loss was $1.4 million for the first quarter of 2021, compared to Adjusted Net Income of $43.6 million for the same period in the previous year. On a per share basis, Adjusted Net Loss was $0.04 in the
 first quarter of 2021, compared to Adjusted Net Income of $1.42 for the first quarter of 2020.